Latest news with #Mould
CNBC
4 days ago
- Business
- CNBC
London's IPO drought deepens but could Trump's tariffs shake things up?
The London Stock Exchange has struggled to entice companies looking to go public — but some market watchers say a tariffs-driven diversification away from the U.S. could help the U.K. win back a greater share of the IPO market. On Thursday, British fintech giant Wise dealt a fresh blow to the London Stock Exchange by announcing plans to move its primary listing from the U.K. capital to New York. It came soon after metals investor Cobalt Holdings scrapped plans for a London IPO. The firm confirmed to CNBC on Thursday that its U.K. listing would not go ahead, but declined to comment further. Meanwhile, reports emerged last week that Chinese fast fashion giant Shein was now looking to list in Hong Kong instead of London when it floats on the public market. These developments raise fresh questions about London's appeal to companies looking to raise capital. In recent years, the London Stock Exchange has seen dwindling interest, with just 18 companies floating on the U.K. stock market in 2024, according to EY data — a far cry from the 119 companies that listed in London just three years earlier. More recent figures from professional services giant PwC showed that in the first quarter of this year, proceeds raised from IPOs on the London Stock Exchange fell to £100 million ($135.86 million) from £300 million a year earlier. Companies that have listed in London over the past year include RC Fornax, which joined the FTSE AIM in February, and Canal+ . The French broadcaster saw lackluster demand for its December IPO, with shares falling 22% on its debut in London . Russ Mould, investment director at AJ Bell, pointed out that there is much more appetite to list in the U.S. than Britain, likening the U.K. stock market to "a boxer determined to keep going in a grueling fight" after Wise unveiled its plans to move its preliminary listing. "While the FTSE 100's share price performance might have beaten the main U.S. indices this year, the broader U.K. stock market continues to take a succession of blows to the head from a reputational perspective," he said. "Takeovers are coming thick and fast, IPOs remain scarce, and more companies are looking Stateside for their main stock listing in hope of a higher valuation." The slowing trend in IPOs is being seen across the globe — but on Wall Street, significant capital is still being raised by new listings. Global IPO volumes fell by 10% year-on-year in 2024, according to EY's data, but the U.S. market raised the most from IPOs at $27.6 billion — taking the top spot for the first time in three years. Year-to-date, Mould pointed out, there had been just eight new floats in London, compared to the 136 IPOs seen so far this year in the United States. "But even those numbers are way down from the all-time high of 1,035 in the USA in the frenzied days of 2021," he added. "And those dates do carry their own warning … the 2021 frenzy led to a nasty hangover in 2022." A pivot toward Europe and the U.K.? Chris Clement, senior portfolio manager at BRI Wealth Management, told CNBC that the slowdown in London listings had occurred as companies eyed "significant premiums" on U.S. versus U.K. valuations — but he added that growing diversification away from the U.S. had the potential to change the picture. U.S. President Trump's controversial trade policies have already pushed some investors to look beyond the USA — and Clement said the same could happen with businesses looking to list. "At a time when investors are starting to question U.S. exceptionalism, we may see this trend slow or even stop as investor focus moves away from the U.S. back to Europe, the U.K. and further afield," he said in an email on Thursday. Mark Williams, global chief revenue officer at M & A platform provider Datasite, agreed that Trump's policies could "significantly reshape" dealmaking this year and "spark a pivot … to European and U.K. markets." "The risks to U.S. equities have begun to prompt a reappraisal of diversification, triggering a switch from the U.S. to European and U.K. equities, which could mean greater investment in U.K. companies and even a boost in IPO activity," he told CNBC in an email. Looking ahead, Mould urged investors to carefully consider new entrants to any index before jumping onto an IPO bandwagon — wherever they list. "Any offering should be treated on its merits and investors should assess a market newcomer as thoroughly as they would assess an existing listing," he said. "Check out its competitive position, management acumen and financial strength, before ultimately deciding whether the valuation leaves enough upside to more than compensate for any downside risks."
Yahoo
5 days ago
- Business
- Yahoo
B&M: FTSE 250 shares plunge as profit and job cuts revealed
Shares in B&M have plunged by more than ten per cent after the retailer revealed a lower profit, rising debt and job cuts. The Liverpool-headquartered company, which is a member of the FTSE 250 index, reported a pre-tax profit of £431m for the 12 months to 29 March, 2025, down from the £498m it achieved in the prior year. Figures filed with the London Stock Exchange also show the chain's net debt increased in the year by almost six per cent to £781m while the average number of people B&M employed in the 12 months fell from 41,115 to 40,641. However, B&M's group revenue did rise in the year from £5.3bn to £5.5bn. Off the back of the results being revealed, shares in B&M have fallen by more than ten per cent to under 300p each. A year ago, shares in the chain were changing hands for more than 500p. Addressing its financial performance, B&M said: 'Despite operational and market challenges in FY25 the group remains well-positioned for the future by continuing to offer customers great value on best-selling products. 'The business model, focused on a disciplined approach to limited-assortment value retailing and cost control, remains robust. 'The underlying market trend towards discount retail continues, and the group's value proposition will continue to resonate with consumers navigating ongoing economic pressures. 'Initiatives are in place to address the underperformance in FMCG [fast-moving consumer goods] categories and drive average selling prices in general merchandise. 'Continued store expansion in the UK and France, supported by investments in distribution infrastructure, provides a clear path for growth. 'The group recognises that FY26 will bring retail sector-wide challenges of increased minimum wage costs, higher employee National Insurance and other taxes, and inflation on input costs. 'Work continues to reduce the impact of these pressures, through driving productivity improvements and sales volume growth. 'he impact of these additional costs and mitigations are reflected in the current range and median of analyst consensus operating profit forecasts for FY26. 'With a robust model, clear growth pathways, and targeted strategic initiatives, the Group is strongly positioned to capitalise on market opportunities and generate significant long-term value for shareholders through disciplined growth and continued cash generation.' Reacting to B&M's results Russ Mould, investment director at AJ Bell, said the retailer had suffered a 'poor year' in which it should have 'thrived in a period where consumers were watching their pennies'. He added that B&M should have 'mopped up extra business from people trading down from more expensive options, while also being a shop of choice for cash-strapped individuals wanting bargains' and that the arrival of a new chief executive 'cannot come soon enough'. Mould said: 'Investors will be looking for the new boss to do a thorough review of the business, work out what's gone wrong, do a 'kitchen sink' job and outline a plan to get back on top. 'B&M is quite a big beast in the world of retail, so this might not be a quick fix. 'The lack of commentary on current trading is unhelpful, leaving investors guessing as to whether the recent sunny weather has driven an improvement in footfall and sales. 'However, it does allude to ongoing cost pressures, meaning the company needs to make hay while the sun shines. 'For now, it's a waiting game until the new CEO has time to look under the bonnet and fine-tune the strategy.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
22-05-2025
- Business
- CNBC
U.S. Treasury yield spike has investors rethinking the rest of the world
A U.S. Treasury selloff is prompting some market watchers to reassess their stance on fixed income allocation, after "relentless" action from yields on long-dated Treasurys saw those bonds surpass a key 5% threshold. Yields on 20- and 30-year Treasurys were marginally higher on Thursday, trading at 5.136% and 5.128%, respectively. Both notes were up as much as 5 basis points earlier the session, before paring prices and yields move in opposite directions, meaning yields rise when the assets sell off. The moves in the U.S. Treasury market come amid a U.S. credit downgrade and mounting concerns around fiscal spending plans outlined in a Republican spending bill. Yields on Treasurys with shorter-term maturity periods have also risen in recent weeks. The benchmark U.S. 10-year Treasury note was last seen trading at 4.593% on Thursday, erasing gains from earlier in the session. Surging U.S. government borrowing costs have prompted some market watchers to rethink the status of American government bonds as a go-to safe investment. Russ Mould, investment director at AJ Bell, labelled the rise in U.S. Treasury yields "relentless," noting that it was a reflection of "growing disquiet" over swelling U.S. federal debt. "None of this may have looked like a problem when the Fed Funds rate and benchmark bond yields were anchored at record-lows — but it is a potential problem now," he said in an email. Mould added that half of publicly held Treasurys — or some $14 trillion of federal debt — would soon mature and need to be refinanced at higher rates. "Emerging market investors will be very familiar with the risks attached to the current situation," he said. "Higher bond yields mean higher interest bills, higher interest bills mean more debt, more debt may mean QE [quantitative easing] or efforts to loosen monetary policy, only for that to perhaps lead to higher inflation, higher interest rates, higher bond yields and around we go again." "This is a classic emerging market trap, except America (and for that matter Japan) are staring right into it," Mould added. Japan has also seen long-term government borrowing costs rise this week, with the yield on the country's 30-year bonds hitting a record high of 3.14%. Japanese 20-year bond yields also ticked higher, reaching 2.555% — their highest rate in 25 years. The 30-year yield was last seen at 3.184% on Thursday, while the 20-year yield stood at 2.598%. Paul Skinner, investment director at London's Wellington Management, told CNBC the closing gap between yields on American and Japanese bonds meant the latter's investors were pulling money out of the U.S. and back into Japan. "The savings that have been dispersed around the world — and there's a lot of talk about how much is parked in the U.S. at the moment — it's going to start repatriating," he said. "We see clients pulling back from the United States... And the data we look at shows that we've seen monthly repatriation purchases of Japanese assets that [are] you know, two, three times what they've ever been — now suddenly they get 3.1% on their own domestic bonds, and they don't have the currency risk. So they've got incentive of … proper yields on their bonds. Why wouldn't they come home now?" For Chris Metcalfe, chief investment officer at Kingswood Group's IBOSS, an allocation to global emerging markets debt "makes absolute sense." "Yes, US bonds have a more attractive starting yield than they had previously, but the reasons for that increasing yield remain and in the last few hours have become more acute," he said. "The move away from US assets is unprecedented and it's impossible to say right now how high US Treasury yields could go," he explained. "We particularly like managers who use a blended approach to emerging market debt and can take best advantage of the huge fluctuation in currencies." John Murillo, chief dealing officer at London-based liquidity solutions provider B2BROKER, argued that U.S. Treasurys still offer investors a level of safety and liquidity that remains "unparalleled by most other investment instruments" — but he also noted that the historically-held notion of Treasurys being close to risk-free investments may need to be revised. Like Metcalfe, he said that various emerging markets government bonds could be strong options for investors looking to diversify their fixed income portfolios."China's credit rating is A1 with a stable outlook, and [the U.S.-China 10-year] yield spread makes the former an interesting option despite the uncertain development of the import tariff exchange game," Murillo said. "Several high-paced developing countries away from the prime rating league — like Indonesia and Malaysia — are en route to becoming particular beneficiaries of the current fixed income portfolio reshuffles. For example, a 10Y Indonesian sovereign bond offers approximately a 7% yield."
Yahoo
15-05-2025
- Entertainment
- Yahoo
Bob Mould returns to Twin Cities for a pair of intimate solo shows
After playing the Palace Theatre in St. Paul last month, Bob Mould is already plotting a return to the Twin Cities. This time, he's playing more intimate shows with back-to-back nights at Icehouse in Minneapolis and the Turf Club in St. Paul on Oct. 10 and 11. This go-round, the show will look a little different. Instead of a full band concert, Mould will be doing solo electric shows both nights. That's not the only thing that will be different. At the Palace, Mould, who was part of the seminal '80s punk outfit Hüsker Dü, played music recorded since 2012, including tracks from Here We Go Crazy, which was released earlier this year. The set lists for the solo shows will add "deeper cuts from my career songbook," Mould says. "The volume will be a touch quieter than the band shows, but the intensity will remain the same." Before those October shows, Mould will swing through the Twin Cities this weekend when he gives the commencement address at his alma mater, Macalester College. He'll also receive an honorary degree from the school he left to tour with Hüsker Dü whie writing an honors thesis on punk rock as a subculture. "In 1978, Macalester College accepted and welcomed this 17-year-old kid from Malone, NY to St. Paul, Minnesota," Mould says in a statement. "Without that opportunity, my life would be completely different. I never imagined I would be asked back to receive an honorary degree, nor did I foresee delivering the commencement speech to the Macalester College graduating class of 2025. I'll do my best this Saturday." Tickets for the shows at Icehouse and the Turf Club are on sale to the public at 10 a.m. on Friday, May 16. Presales from the venue and The Current will take place on Thursday, May 15.
Yahoo
08-04-2025
- Entertainment
- Yahoo
Bob Mould to receive honorary degree from school he left for Hüsker Dü
Bob Mould, the Minnesota music pioneer who was part of Hüsker Dü and other projects, will give the keynote speech for Macalester College's 2025 commencement, the school announced this week. Mould will also receive an honorary degree from the school, which he attended. "Bob Mould is a rock and punk music legend who not only paved the way for other bands and sounds, but also used his esteemed platform to fiercely advocate for a more just society," says Macalester College President Suzanne M. Rivera. Mould formed Hüsker Dü with Grant Hart and Greg Norton in 1978 during his first year attending the St. Paul college. The group quickly gained momentum in the burgeoning punk scene, and Mould left school to go on tour during his senior year. He never graduated. Now, he'll get the degree that was almost completed while his group was cementing its legacy. "At the time, he was in the process of writing an honors thesis on punk rock as a subculture under the guidance of sociology professor Michal McCall," the school says in its announcement. While Hüsker Dü was gaining popularity at that time, enough that Mould set his studies aside, it was years later when the group's most pivotal albums arrived, including 1984's Zen Arcade, which has long been considered one of the great recordings in punk rock history. "The Minnesota power trio broke all the rules of three-chord hardcore with this double-vinyl concept opus," Rolling Stone writers said, ranking it as the 13th best punk album of all time. "Bob Mould and Grant Hart traded off spit-and-growl vocals in savagely emotional hardcore blasts, but the music expanded into psychedelia, acoustic-folk rage, and the closing 14-minute feedback instrumental, 'Recurring Dreams.'" Mould will give the keynote address at the school's Leonard Center Fieldhouse on May 17.
